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Decision 782/2022 | |
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| File (PDF) | Decision 782/2022 |
| Date of Issuance of Decision | June 24th, 2022 |
| Issue Number of Government Bulletin | |
| Relevant Market | Α) DIRECTLIFE AND DIRECT NON-LIFE INSURANCE MARKETS Β) NON-LIFE INSURANCE MARKETS Β1. Sub-market“Sector 3: Land Vehicles” Β2. Sub-market “Sector 7: Shipped Goods” Β.3 Sub-market “Sector 10: Motorvehicle liability” Β.4 Sub-market “Sector 16: Miscellaneous financial loss” Β.5 Sub-market “Sector 18: Assistance” C) RELEVANT MARKETS FORMUTUAL FUNDS AND PORTFOLIO MANAGEMENT |
| Subject of the Decision | Clearance of the proposed acquisition, according to art. 6 of L. 3959/2011, by "ALLIANZ SE" of sole control over "EUROPEAN RELIANCE GENERAL INSURANCE Co." |
| Legal Framework | Article 6 L. 3959/2011 |
| Operative part of the Decision | The Hellenic Competition Commission, meeting in Chamber, unanimously approves, pursuant to Art. 8(3) of Law 3959/2011, the notified concentration under ref. no. 2128/4.3.2022 concerning the acquisition of sole control by the company "ALLIANZ SE" over the company "EUROPEAN RELIANCE GENERAL INSURANCE Co", pursuant to Article 8 par. 3 of Law No. 3959/2011,as this concentration, although falling within the scope of article 6(1) of Law 3959 / 2011, does not raise any serious doubts as to its compatibility with competition rules in the relevant markets concerned. |
| Company(ies) concerned | 1. ALLIANZ SE 2. EUROPEAN RELIANCE GENERAL INSURANCE Co |
| Summary of Decision |
The concentration has, in principle, a horizontal dimension as it involves undertakings that are actual or potential competitors in certain relevant markets. The concentration is not expected to bring about any vertical effects, in the sense that it will not result in the creation of a single entity which would either operate at different levels of a specific value chain or strengthen its market position while operating in upstream or downstream markets. Considering, on the one hand, that these markets are not closely related to those in which the acquirer operates (i.e. they do not constitute complementary services nor do they form part of a range of services generally purchased by the same group of consumers for the same end use) and, on the other hand, the non-existenceof the parties’ monopoly power in any of these markets, there is no need to further examine any conglomerate effects of the concentration. Considering the low combined market share of the parties to the concentration as well as the market fragmentationwith the existence of a sufficient number of strong competitors, it is estimated that the concentration cannot lead to the creation and/or collective strengthening of an individual dominant position of the single entity in the relevant product markets referred to in points A and B above. Μutual funds and portfolio management markets are not affected at present due to a relevant market share lower than 15%. Moreover, there is a large number of undertakings operating in these markets, most of which belong to financially strong domestic and foreign financial groups, which currently exert and will continue to exert sufficient competitive pressure. |
| Judicial Means | - |
| Decisions by the Court of Appeal of Athens (Administrative Division) | - |
Friday, 24 June 2022
Decision 782/2022
Clearance of the proposed acquisition, according to art. 6 f L. 3959/2011, by the company "ALLIANZ SE" of sole control over the company "EUROPEAN RELIANCE GENERAL INSURANCE Co." (hereinafter “EUROPEAN RELIANCE”).
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